It's getting long in the tooth down here and the supply is just trickling in. It appears they've bought up most of the supply. The cause built for the short-term downside swing gives an estimated objective of $7.50. Like I said a few trading days ago, I'd like to see them slam it down there and scare the rest of the sheep out of the stock, then I'd buy the stopping action and/or the retest. Maybe that'll happen once it gets under the low of the last spring at 8.62 and all those stops get triggered and bought by the boyz. The upside price objective based on the cause built in the larger time frame is around $46 depending on where the last point of supply is assumed to print. The downside, in the case this is not a spring/shake-out, would of course be zero but most likely it will need to build more short-term cause to extend below $7.50. The bottom line is that patience is required and then knowing when to pull the trigger. Daily Sticks:
I don't think it is time yet. The short-covering spike had mediocre volume and definitely not the CM taking it up; but perhaps instigated by him. It was I suspect a public-short-covering response to Thursday's test of the May spring-low of 8.62. Note that it closed below midrange for the day and right on the supply line (thin red line) and right at the selling climax price of 9.01. The CM is a wolf and keeps the sheep guessing so they'll make mistakes and he can score more kills. But still a bullish indication because the rapid and wide price range on such mediocre volume indicates that the supply of stock is thin as most of the stock is tightly held by the CM. Undoubtedly some public momo monkeys jumped in long today. So the CM may have sold some to the public shorts and to the momo-monkeys. The CM will shake those new longs out, buying back the stock at a lower price. His position will improve even more; and that's why he's called the smart money I guess. Today was a change of character; that is for sure, so the time to act is getting close, but I remain patient.
GoPro stock is down almost 15% since its Q3 earnings, on disappointing outlook and the Karma recall. Hero 5 cameras continue to experience strong demand. But supply side issues persist.Can GoPro stock overcome its bad Karma?
Shares of GoPro Inc (NASDAQ:GPRO) continue to languish near their all-time lows even with the stock market near all-time highs. While investors who have been holding the stock for months remain in pain, new buyers may be about to see a massive short squeeze. The stock is showing signs of large investor accumulation over the last week. Draw your attentiont to last week when the stock popped up through the daily 20 moving average, jumping from $8.65 to $9.50. This can be seen on the stock chart below. Then, note how the stock slowly came back to earth, but held the $9.00 level as well as stayed above the daily 20 moving average. In other words, there is a change going on here. It appears GoPro Inc no longer has enough sellers to hammer it down to its lows. The fact that it is holding above the 20 moving average is a sign of accumulation and leaves it wide open for a big players to run it hard, causing a short squeeze. I continue to hold GoPro Inc in my Verified Investing portfolio from a verified entry of $9.02. I expect this to surge as high as $12 in the near-term.
Annabelle Trader, I like your enthusiasm but personally I'd like to see it prove itself either by dipping under the current range and showing no more liquidity or by showing a sign of strength (large upside price range with a high-range close on high volume) to prove commitment by those transacting a large business. I can't buy the 20-day MA rationale. A similar and opposite argument could be made that it hasn't been able to break above the 30-day MA. I view MAs as somewhat useful for the mark-up phase; as a trend-following tool, but that is not the current context. The stock is in the house of the large operators now; in a trading range, and in this context they make up the rules and set up bluffs as they accumulate from or distribute to the retail crowd. They will need to prove to me that they are accumulating and that they are done and ready for the public to mark it up.
Shares of GoPro Inc (NASDAQ:GPRO) are inching higher today in Friday trading action. The stock has a perfectly formed rounded bottom stock chart formation. This is extremely bullish. The final step is to breakout above the $9.50. Should the stock price on GoPro Inc (NASDAQ:GPRO) close today above $9.50, it will quickly squeeze next week to $12 or more. There are a huge amount of shorts in this name and any sort of strong breakout would panic them. Keep an eye out for the GoPro Inc to break above the $9.50 level.
Typical, huh? Market meltdown when you're about to get in something, but that something is UP while everything you're in is DOWN. Funny how that works EDIT: @Tiptopptrader Did you notice earnings is on 2/2?
Really nice chart....now. I like these "round bottom shapes", they usually take some to built, and are commonly patterns that are formed during acummulation periods. What we have possible seen yesterday was the trigger of a big run, hopefully to higher levels (13$ means a 30% move...). As allways we shall see...good luck to you all that are inside.
Karma released prior to ER now all light on the numbers ! Expecting a beat and really bullish over the coming year: avg 13, target 17.
